We all had good intentions when our children were first born. We were going to open savings accounts and start putting away every bit we could to ensure our child could go to the college of his or her dreams. But somehow, life got in the way, and the college savings account didn’t grow as much as we intended. It’s a financial predicament many families face — saving for your children’s future, your own future and having enough money for day-to-day expenses. Most parents are inclined to cut back on their retirement contributions, take out a loan against their 401(k) or withdraw funds from an IRA account. That’s perfectly understandable, considering that there are 37 million people in the United States burdened with a combined $1 trillion in student debt, and the average college graduate has nearly $30,000 in debt. It’s also a bad financial choice to make.

While motivated by the best of intentions, these parents end up doing themselves, and their families, a terrible disservice. Most people don’t do a good job of saving for retirement, so diverting money from long-term retirement goals is a dangerous proposition — unless part of their retirement plan includes becoming financially dependent on their children later in life. (I’m betting those soon-to-be college graduates would agree that this should not be part of the plan.)

Taking care of yourself doesn’t mean that you’re being selfish. It means that you’re being fiscally smart. Just as we’re directed prior to takeoff on a flight, “Put your oxygen mask on first, then assist others sitting around you,” the message is clear — securing your own financial future will better position you to help your children with college expenses.

Once you have determined that you are saving enough for your own retirement, you can put a plan into place to help build your children’s college fund. There are a variety of options when it comes to funding college.

One way is the 529 college-savings plan. Illinois has two 529 college savings plans available. The Illinois Bright Start 529 Plan is considered among the best in the country due to its low cost and investment choices. The money in a 529 savings account compounds free from federal taxes and can be withdrawn tax-free to pay for qualifying college expenses. Illinois residents may also receive a state income tax deduction for contributions to the Bright Start plan.

For parents who think it’s too risky to open a 529 for their child, for fear they may lose the funds if the child eventually decides to not attend college, there is a safety mechanism built into the plan. In the event the child does not attend any undergraduate programs, the principal funds can be withdrawn from the 529 plan. However, the fund earnings will be subject to federal and state income taxes and a 10 percent withdrawal penalty. That’s a small amount to pay for the peace of mind in knowing that you secured college funds without sacrificing your own future financial security.

April is Financial Literacy Month. No matter what your stage of life — parents of a newborn or parents of pre-teens or teens — make the time this month to sit down and hash out a plan that ensures you have all of your bases covered. Outlining your own retirement goals, along with plans to help fund your children’s education, will help you navigate through life’s financial choices and plan appropriately for you and your children.